Two-Phase Multi-unit Auction Design

摘要

The two-phase multi-unit auction is a practical means for auctioning many units, a private values clock phase is followed by a static interdependent values auction phase. We have added a closing auction for its traded interdependent values to improve the price discovery process. The highest execution principle is used in the second phase. Truth telling will be given priority in the auction mechanism. By predicting the demand of next clock period, we combine the private values clock auction and static interdependent values auction together, so as to use linear price as long as possible, achieve the effect of transparent price discovery and quick allocation in the private values clock phase and the efficiency of static interdependent values auction phase.